Michael Acton Smith steps down as Mind Candy CEO, takes on creative role

After ten years, Smith has revealed that he will focus on a "more creative role" rather than running the company day-to-day.

Divinia Knowles will become president of the company behind children's social network Moshi Monsters. A new chief executive will be confirmed at a later date.

Smith made the announcement via a YouTube video earlier today (July 11), saying: "I love this company and I'm not going anywhere.

"But now that it's so much more complex, with multiple offices, a lot of staff, a lot of different projects bubbling away, it needs operational excellence and leadership to run it."

He continued: "This is a slightly unusual way to deliver a message like this, I think a press release would've been a bit more normal, but we're an unusual company and I just wanted to speak face-to-face to anyone watching and let them know what's going on."

Moshi Monsters has grown to become one of the most popular social networks for children, with around 80 million users.

It has spawned a range of profitable merchandise, including toys, albums and games.